Centurion Acquisition Corp. (ALF) is a Cayman Islands blank check SPAC that completed its IPO on June 12, 2024, raising $287.5M gross proceeds from 28,750,000 Class A ordinary shares at $10.00/unit. As of March 31, 2026, the balance sheet is structurally binary: virtually all assets ($310.9M, or 99.98% of total assets of $311.0M) are held in a grantor trust account invested in money market funds (U.S. Treasury obligations), legally ring-fenced for redemption by public shareholders or liquidation distribution. Outside the trust, the entity holds $28,828 cash and $25,702 prepaid expenses — combined $54,530. Under a liquidation lens, the trust assets carry a 100% recovery rate since they are already held in highly liquid government securities at fair value ($10.81/share redemption value vs. $10.00 IPO price), and the prepaid has negligible liquidation value. The critical constraint is on the liability side: total liabilities of $13.84M consist primarily of a $13.69M deferred underwriting fee payable (carried at face value, noncurrent) and $144,789 in accounts payable and accrued expenses (up sharply from $49,404 at December 31, 2025, driven by Q1 operating activity). The deferred underwriting fee is contingent on Business Combination consummation — it does not extinguish upon SPAC liquidation under the trust agreement terms; however, the underwriting agreement specifies this fee is only payable upon Business Combination completion. In a forced liquidation scenario, the deferred fee would likely not be payable. Even so, the $155,870 in current liabilities (excluding the deferred fee) plus the $6,081 related-party advances and $5,000 due to sponsor would need to be settled from the $54,530 in current assets outside the trust, producing a working capital deficit of approximately $101,340 as disclosed. The trust assets of $310.9M are fully encumbered by the $310.9M temporary equity redemption obligation to the 28,750,000 Class A public shareholders. After satisfying that redemption obligation, nothing remains for Class B (founder share) holders. The going concern note is explicit: mandatory liquidation is required by June 12, 2026 if no Business Combination is consummated. No extension has been disclosed. The Company has not drawn on its $1.5M working capital loan facility. The MFFAIS liquidation values ($141,485 CLV/LLV/OLV) reflect only the thin layer of assets outside the trust available to non-redeemable equity. Filing discusses the working capital deficit ($101,340) in MD&A but does not separately tag it with a standalone XBRL concept — the alf:WorkingCapital tag is used in the filing body but does not appear in TAG_CONTEXT. No prior-quarter XBRL tag context was provided for comparison.
▼ Community Notes